GEOX: SALES AT EURO 865 MILLION AND STRONG CASH FLOW GENERATION
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1 GEOX S.P.A SHAREHOLDERS MEETING APPROVED RESULTS FOR FISCAL YEAR 2009 GEOX: SALES AT EURO 865 MILLION AND STRONG CASH FLOW GENERATION Sales: Euro million, -3% at current exchange rates, -4% at constant exchange rates EBITDA adj 1 : Euro million, 19.8% margin (Euro million in 2008) EBIT adj 2 : Euro million, 15.6% margin (Euro million in 2008) Net Income adj 3 : Euro 84.2 million, 9.7% margin (Euro million in 2008) Free cash flow: Euro million (Euro million in 2008) Solid Net Cash Position: Euro million (Euro 58.2 million in 2008) Dividend: 0.20 per share Biadene di Montebelluna, April 21, 2010 The Shareholders meeting of Geox S.p.A, the Italian company leader in the classic and casual footwear market listed on the Milan Stock Exchange (MSE: GEO.MI), approved today the Financial Statement for the year ending December 31, Shareholders meeting has also been presented the consolidated financial results. Mario Moretti Polegato, Chairman and founder of Geox, commented: "In a particularly complex situation like 2009, dominated by discontinuity and uncertainty, the Geox Group achieved satisfactory results. This was possible thanks to the solidity of its business model and a growth strategy that made it possible to attenuate the impact of the difficult economic cycle, at the same time reinforcing Geox's leadership in its main reference markets. Against sales that substantially held up, the Group took advantage of this moment of weak consumer spending to rationalise its production and distribution structure, maintaining a high level of profitability; this will allow us to reap all of the benefits of the recovery in demand when it comes. These measures, together with tight control over working capital, led to strong cash position, over 100 million, which has furthered strengthened the Group's already solid balance sheet, allowing us to approve a sizeable dividend of 0.20 euro per share. THE GROUP S ECONOMIC PERFORMANCE Sales Consolidated sales for 2009 decreased 3% (-4% at constant exchange rates) to Euro million. Footwear sales represented 89% of consolidated sales, amounting to Euro million, with a 5% decrease compared to Apparel sales accounted for 11% of consolidated sales equal to Euro 98.8 million, showing a 17% increase % 2008 % Ch. % Footwear 766, % 808, % (5.2%) Apparel 98, % 84, % 17.5% Net sales 865, % 892, % (3.1%) 1 Excluding non recurring costs, equal to Euro 5.3 million, mainly related to expenses for stores closures. 2 Excluding non recurring costs (highlighted in note 1) and asset impairments, equal to Euro 12.4 million (Euro 2.0 million in 2008), on investments made in the stores network, which given the uncertain macroeconomic environment are not certain to be recovered. 3 Excluding non recurring costs and asset impairments (related notes 1 and 2) net of tax effect and write off of deferred tax assets for a total amount of Euro 17.5 million (Euro 5.9 million in 2008). 1
2 Italy remains the Group s main market accounting for 38% of sales (37% in 2008) equal to Euro million, compared to million of Europe generated 44% of sales (45% in 2008) amounting to Euro million, compared with of 2008, with a 6% decrease. North American sales grew 8% (6% at constant exchange rates) and sales in the Other Countries were stable (-3% at constant exchange rates) % 2008 % Ch. % Italy 326, % 333, % (1.9%) Europe (*) 379, % 404, % (6.1%) North America 53, % 49, % 8.0% Other countries 104, % 105, % (0.4%) Net sales 865, % 892, % (3.1%) (*) Europe includes: Austria, Benelux, France, Germany, UK, Iberia, Scandinavia, Switzerland. Analyzing sales by distribution, the Geox Shop channel (franchising and Directly Operated Stores - DOS) showed significant growth, with sales up 10% compared to In 2009 this channel represented 36% of sales (32% in 2008). Multibrand shops, the Group s main distribution channel, accounted for 64% of sales compared to 68% of 2008, and showed a 9% decrease % 2008 % Ch. % Multibrand 553, % 608, % (9.1%) Franchising 143, % 142, % 0.8% DOS* 167, % 140, % 19.0% Geox Shops 311, % 283, % 9.8% Net sales 865, % 892, % (3.1%) (*) Directly Operated Stores Sales of DOS opened by at least 12 months (comparable store sales) decreased 6% in As of December 31, 2009 the overall number of Geox Shops was 1,008 of which 244 DOS. During 2009, 141 new Geox Shops were opened and 73 have been closed. The new openings include, among the others, shops in Hamburg, Bruxelles, Dubai, Hong Kong, Montreal, New York, Paris Geox of which Geox of which Shops DOS Shops DOS Italy Europe North America Other countries Countries with licensing agreements (*) Total 1, (*) Sales by the franchising channel do not include those of the shops in these countries. 2
3 Cost of sales and Gross Profit Cost of sales, as a percentage of sales, was 49.4% compared to 47.6% of 2008, producing a gross margin of 50.6% (52.4% in 2008). The decrease in Gross Profit is primarily due to higher promotional selling activities through the DOS channel and to a different regional sales mix. Operating expenses and Operating income (EBIT) Selling and distribution expense as a percentage of sales was 4.9%, in line with the previous year (4.8%). General and administrative expense increased, as a percentage of sales, from 20.8% in 2008 to 24.8% in This increase, in line with management expectations, is entirely due to: costs involved in the opening and running of directly operated stores (DOS) and in particular of Geox flagship stores; non industrial amortization expenses which rose to Euro 31.9 million of 2009 from Euro 22.5 million of 2008 mainly related to the investments in the stores network. Excluding the above mentioned costs, the total amount of general and administrative expenses and labor costs are lower than those of the previous year with the same incidence on sales. Advertising and promotion expense was equal to 5.3% of sales compared to 7.4% of The decrease is mainly due to a substantial reduction in media prices and to a different mix in the advertising channels. In 2009, the Group s operating result was equal to Euro million, 15.6% on total sales compared to Euro million in 2008 (19.4% on sales) In 2009, the Group registered Euro 5.3 million of non recurring costs (special items) related to contractual expenses for the closing of some stores. Moreover, the Group has registered Euro 12.4 million (Euro 2.0 million in 2008) related to stores assets impairments that given the uncertain macroeconomic environment are not certain to be recovered. Including special items and asset impairment, above mentioned, EBIT was equal to million. EBITDA EBITDA net of non recurring expenses (Euro 5.3 million) explained in the above paragraph, was equal to Euro million, 19.8% of sales, compared to Euro million in Income taxes and tax rate Income taxes were equal to Euro 46.2 million, compared 48.9 million of 2008, with a tax rate of 41% (29% of 2008). The increase is primarily due to two effects. The first one is the write-down of deferred tax assets of previous years relating mainly to losses of the US subsidiaries (equal to Euro 3.5 million) the recoverability of which is not certain given the current macroeconomic scenario. The second one is related to the fact that in 2008 the Group s tax rate benefited by an operation in accordance with Law 244/2007 (Budget Law 2008), which made again deductible the higher net value of certain asset items for statutory purposes compared with their residual value for tax purposes. The beneficial effect of this operation was equal to Euro 7.8 million. Excluding the effect of the reduction of the profit before tax due to the above mentioned special items, asset impairment and the effect of the write-down of deferred tax assets of previous years, the adjusted tax rate was equal to 35%, in line with management expectation. 3
4 THE GROUP S FINANCIAL PERFORMANCE The Group balance sheet shows a solid net cash position, equal to Euro million (Euro 58.2 million at the end of 2008). Net working capital as a percentage of sales was equal to 18.4%, with a important improvement over the same period of last year (22.6%), mainly thanks to the decrease of inventories which was related to: - the reduction of raw materials, as a consequence of owned plants closures in destocking activity of products related to previous seasons - a prudent approach in purchasing finished products during the year shift in receiving Spring/Summer 2010 products, compared to the same period in At December 31, 2009 the group generated a positive free cash flow equal to Euro million, showing an impressive improvement from the cash absorption of Euro 10.7 million of This performance is the result of the decrease in working capital and of lower capital expenditure. During 2009 Euro 62.2 million of dividends were distributed (Euro 62.2 million in 2008). FINANCIAL STATEMENT OF THE PARENT COMPANY, GEOX S.P.A. Sales reached Euro million from Euro million in Net Income was Euro 74.8 million (Euro 83.0 million in 2007) with a 10.1% margin. Shareholders equity at the end of December 2009 amounted to Euro million from Euro million at the end of Net financial position was positive for Euro million, from Euro 88.6 million at the end of DIVIDEND AND OTHER RESOLUTIONS The Shareholders meeting has approved a dividend distribution of Euro 0.20 per share, equal to a pay ratio of around 78%. The shares will go ex-coupon on 24 May 2010 and dividends will be paid on 27 May The Shareholders meeting appointed the nine members of the Board of Directors up to the approval of the financial statements for fiscal year 2012 (list deposited by the main shareholder LIR S.r.l.): Mr Mario Moretti Polegato (Chairman), Enrico Moretti Polegato, Diego Bolzonello (he has n Geox shares), Renato Alberini, Umberto Paolucci, Francesco Gianni, Alessandro Antonio Giusti, Lodovico Mazzolari (he has n Geox shares) and Bruno Barel. The members of the Statutory Auditors (list deposited by the main shareholder LIR S.r.l.) shall be Mr Fabrizio Colombo (President), Ms Francesca Meneghel (standing statutory auditor), Francesco Mariotto (standing statutory auditor), Davide Attilio Rossetti (substitute statutory auditor) and Ms Laura Gualtieri (substitute statutory auditor). Any document related to the Shareholders meeting, including any professional profile of corporate bodies member, is available on the internet site *** The Board of Directors of Geox S.p.A. met after the Shareholders meeting, in order to decide the following: - to confirm Enrico Moretti Polegato as Vice Chairman - to confirm the independence of five directors of nine: Renato Alberini, Umberto Paolucci, Francesco Gianni, Alessandro Antonio Giusti (lead independent director) and Bruno Barel; - to confirm Mr Diego Bolzonello as the managing director (CEO) of the Company. - to confirm the Executive Committee, composed by the executive directors, Mr Mario Moretti Polegato, Enrico Moretti Polegato and Diego Bolzonello; 4
5 - to confirm the Internal Control Committee, composed by the non executive and independent directors Alessandro Antonio Giusti, Bruno Barel and Francesco Gianni; - to confirm the Remuneration Committee, composed by the non executive and independent directors Mr Alessandro Antonio Giusti, Bruno Barel and Renato Alberini; - to confirm the Ethics Committee, composed by Mr. Mario Moretti Polegato, Joaquìn Navarro-Valls and Umberto Paolucci. Geox s Board of Directors confirmed the Group Chief Financial Officer Mr Livio Libralesso, as manager responsible for preparing the company s financial reports. Livio Libralesso s curriculum vitae is available on the website in the Investor Relations section. DECLARATION BY THE MANAGER RESPONSIBLE FOR THE PREPARATION OF COMPANY ACCOUNTING DOCUMENTS The manager responsible for the preparation of the company s financial documents, Mr. Livio Libralesso, hereby declares, in accordance with paragraph 2 article 154 bis of the Testo Unico della Finanza that, based on his knowledge, the accounting information contained in this document corresponds to the results documented in the books, accounting and other records of the company. FOR MORE INFORMATIONS INVESTOR RELATIONS Marina Cargnello: tel ; cell ; ir@geox.com Livio Libralesso, CFO Massimo Stefanello, Corporate Managing Director PRESS OFFICE Thanai Bernardini: tel ; cell GEOX GROUP The Geox Group operates in the classic, casual, and sport footwear sector for men, women and children, with a medium/high price level, and in the apparel sector. The success of Geox is due to the constant focus on the application of innovative solutions and technologies on the product that guarantee both impermeability and breathability. Geox is leader in the Italian market in its own segment and is the second leading brand in the International Lifestyle Casual Footwear Market (Source: Shoe Intelligence, 2009). Geox technology is protected by over 50 different patents registered in Italy and extended internationally. DISCLAIMER This document includes forward-looking statements, relative to future events and income and financial operating results of the Geox Group. These forecasts, by their nature, include an element of risk and uncertainty, since they depend on the outcome of future events and developments. The actual results may differ even quite significantly from those stated due to a multiplicity of factors. ANNEXES Consolidated income statement Reclassified Consolidated balance sheet Reclassified Consolidated cash flow statement 2009 and 2008 results are reported under IAS/IFRS and have been audited. Consolidated balance sheet and cash flow statement are reclassified with statements normally used by management and investors to assess the Group s results. The afore-mentioned reclassified financial statements do not meet the presentation standards set down by the IFRS and thus are not to be considered a replacement. However, since their contents are the same, they can be easily reconciled with those envisaged by the International Accounting Standards. 5
6 CONSOLIDATED INCOME STATEMENT 2009 % 2008 (*) % Net sales 865, % 892, % Cost of sales (426,957) (49.4%) (424,461) (47.6%) Gross profit 438, % 468, % Selling and distribution costs (42,409) (4.9%) (43,248) (4.8%) General and administrative expenses (214,731) (24.8%) (185,442) (20.8%) Advertising and promotion (46,216) (5.3%) (66,061) (7.4%) Operating result 134, % 173, % Special items (5,306) (0.6%) - 0.0% Net asset impairment (12,363) (1.4%) (1,955) (0.2%) EBIT 117, % 171, % Net interest (4,154) (0.5%) (4,297) (0.5%) PBT 112, % 167, % Income tax (46,168) (5.3%) (48,875) (5.5%) Tax rate 41% 29% Net Income 66, % 118, % EPS (Earnings per shares) EBITDA 166, % 200, % Special items (5,306) - EBITDA adjusted 171, % 200, % EBITDA: is the operating profit plus depreciation, amortization and can be directly calculated from the financial statements as integrated by the notes. The table below shows the reconciliation of net income adjusted (excluding Special Items and Net asset impairment) % 2008 (*) % Operating result 134, % 173, % Net interest (4,154) (0.5%) (4,297) (0.5%) PBT adjusted 130, % 169, % Income Tax adjusted (46,327) (5.4%) (44,978) (5.0%) Tax rate adjusted 35% 27% Net Income adjusted 84, % 124, % (*) In compliance with IAS 38, 2008 results have been restated in order to reflect a decrease in A&P expenses for Euro 0.9 million. As a result net income is positively impacted, net of tax, for Euro 0.6 million. 6
7 RECLASSIFIED CONSOLIDATED BALANCE SHEET Dec. 31, 2009 Dec. 31, 2008 (*) Intangible assets 74,651 78,231 Property, plant and equipment 71,516 78,020 Other non-current assets - net 40,707 32,404 Total non-current assets 186, ,655 Net operating working capital 159, ,793 Other current assets (liabilities), net (10,409) (15,643) Net invested capital 335, ,805 Equity 428, ,787 Provisions for severance indemnities, liabilities and charges 9,765 7,214 Net financial position (102,586) (58,196) Net invested capital 335, ,805 (*) Restated in compliance with IAS 38. OPERATING WORKING CAPITAL AND OTHER CURRENT ASSETS (LIABILITIES) Dec. 31, 2009 Dec. 31, 2008 (*) Inventories 152, ,405 Accounts receivable 128, ,594 Accounts payable (121,725) (149,206) Net operating working capital 159, ,793 % of sales for the last 12 months 18.4% 22.6% Taxes payable (8,428) (17,246) Other non-financial current assets 24,042 23,321 Other non-financial current liabilities (26,023) (21,718) Other current assets (liabilities), net (10,409) (15,643) (*) Restated in compliance with IAS 38. 7
8 RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENTS (*) Net income 66, ,174 Depreciation, amortization and impairment 49,348 29,015 Other non-cash items 23,205 (17,434) 139, ,755 Change in net working capital 36,974 (39,735) Change in other current assets/liabilities (16,553) (6,463) Cash flow from operations 159,680 83,557 Capital expenditure (41,995) (96,345) Disposals 2,957 2,044 Net capital expenditure (39,038) (94,301) Free cash flow 120,642 (10,744) Dividends (62,210) (62,199) Increase in share capital 23 1,648 Change in net financial position 58,455 (71,295) Initial net financial position - prior to fair value adjustment of derivatives 42, ,467 Change in net financial position 58,455 (71,295) Translation differences 336 (1,353) Final net financial position - prior to fair value adjustment of derivatives 101,610 42,819 Fair value adjustment of derivatives ,377 Final net financial position 102,586 58,196 (*) Restated in compliance with IAS 38. 8
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